ING to sell 45 million shares in NN Group
May 26 2015 - 11:46AM
NOT FOR PUBLICATION, RELEASE OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH IT
WOULD BE UNLAWFUL TO DO SO.
ING announced today its intention to sell
approximately 45 million ordinary shares in NN Group. The ordinary
shares will be sold by way of an accelerated book building offering
to institutional investors. As part of the transaction, NN Group
has committed to repurchase NN Group ordinary shares from ING Group
for an aggregate amount of EUR 150 million. Following a successful
completion of the transaction, ING Group's stake in NN Group's
outstanding capital is expected to decrease to approximately 42.4%
from currently 54.8%.
ING has previously announced that it intends to
divest its remaining stake in NN Group over time, in line with its
strategy to divest all of its insurance and investment management
businesses as part of the restructuring agreement with the European
Commission as amended on 16 November 2012, ultimately by the end of
2016. In this context, ING Group sold shares of NN Group through an
initial public offering in July 2014 and a follow-on offering in
February 2015. NN Group ordinary shares are traded on Euronext
Amsterdam under the symbol 'NN'.
The offer price and the final number of shares
sold will be determined at the conclusion of the book building
process and will be announced in a separate press release. The book
is open with immediate effect and is expected to close ultimately
by 17:30 CET on 27 May 2015, although ING Group reserves the right
to close the book before then at short notice. The transaction is
expected to settle on 29 May 2015. As of the settlement date of the
offering, the remaining shares in NN Group held by ING Group will
be subject to a lock-up period of 90 days (subject to certain
exceptions and the Joint Global Coordinators and Bookrunners' right
to waive the lock up restrictions).
Bank of America Merrill Lynch, Goldman Sachs, ING
Bank and J.P. Morgan are acting as Joint Global Coordinators and
Bookrunners for the offering.
PDF version of Press
Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
HUG#1923976
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